KPN delivers a strong quarter; full-year 2025 outlook raised

Continued Group service revenue growth (+3.7% y-on-y), driven by all segments
Consumer service revenuesincreased 1.3% y-on-y
Solid commercial momentum in Consumer broadband (+13k) and postpaid (+37k)
Businessservice revenue growth continues at a high level(+5.7% y-on-y), driven by all divisions
Adj. EBITDA AL increased +6.4% y-on-y in Q2 2025, of which +1.4% IPR benefit and +1.0% Althiocontribution
H1 Free Cash Flow at € 309m, progressing according to plan
Leading theDutch fiber market, now covering two-thirds of the Netherlands
Full-year 2025 outlook raised to >€ 2,630m adj. EBITDA AL and >€ 940mFCF, reflecting both IPR benefits and solid underlying progress

Message from the CEO, Joost Farwerck

"We launched our Connect, Activate, and Grow strategy in November 2023 and are now almost halfway through the execution of this ambitious four-year plan, with significant progress achieved.

During the second quarter, Group service revenues continued to grow, driven by all segments. In Consumer, we saw a healthy inflow of new postpaid and broadband customers, driven by both commercial momentum and continued focus on loyalty and base management. Our Business and Wholesale segments continued to perform strongly, contributing to the overall revenue growth. This, coupled with our disciplined cost management, led to strong adjusted EBITDA AL growth. Alongside our solid operational performance, our adjusted EBITDA also benefitted from a favorable settlement in June, related to intellectual property rights(IPR). As anticipated, our Free Cash Flow in the first half of the year was impacted by working capital phasing, and higher tax and interest payments, but will rebound in the second half of the year.

We continue to lead the Dutch fiber market. Together with our Joint Venture Glaspoort, we now cover two-thirds of the Netherlands and are making steady advancements in connecting homes and activating new fiber lines. Delivering secure and reliable connectivity is at the core of our strategy, and our ongoing efforts significantly contribute to the resilience of the Netherlands. This is reflected in our close ties with the Ministry of Defense.

Employee engagement remains high, with employees recognizing KPN as a modern and inclusive workplace. Thanks to the strong contribution and daily commitment of team KPN, we continue to connect everyone to a safer, more social, and greener future. This dedication supports our #BetterInternet mission and sustainability agenda, reflected in our continued top-tier ESG ratings. We were once again recognized with the platinum EcoVadis medal, MSCI AAA status, and a position on the CDP's A-list.

In addition to the June IPR settlement, we resolved another IPR case early July. With these IPR benefits and oursolid business and financial progress to date, we are raising our full-year 2025 guidance for adjusted EBITDA AL and Free Cash Flow. We remain on track to achieve our mid-term ambitions, including cumulative shareholder distributions. In this respect, the €250 million share buyback for 2025 is nearing completion. Finally, as we are approaching the midpoint of our strategic period, we look forward to providing you with a strategy update on 5 November."

Key figures

Group financials (unaudited)	Q2 2024	Q2 2025	Δ y-on-y	H1 2024	H1 2025	Δ y-on-y
(in € m, unless stated otherwise)
Adjusted revenues	1,391	1,472	+5.8%	2,768	2,889	+4.4%
Service revenues	1,292	1,339	+3.7%	2,562	2,658	+3.7%
Adjusted EBITDA AL	629	670	+6.4%	1,235	1,303	+5.6%
As % of adjusted revenues	45.2%	45.5%		44.6%	45.1%
Operating profit (EBIT)	357	363	+1.9%	694	657	-5.4%
Net profit	227	210	-7.6%	401	378	-5.8%
Capex	337	298	-12%	640	592	-7.5%
As % of adjusted revenues	24.2%	20.2%		23.1%	20.5%
Operational Free Cash Flow	292	372	+27%	595	712	+20%
As % of adjusted revenues	21.0%	25.3%		21.5%	24.6%
Free Cash Flow	210	180	-14%	364	309	-15%
As % of adjusted revenues	15.1%	12.3%		13.2%	10.7%
Net debt				6,039	6,523
ROCE				14.4%	14.6%

Press release 23 July 2025

Operational performance

Consumer: solid commercial momentum in both postpaid and broadband
- − Fixed-Mobile households: +13k net adds; Fixed-Mobile ARPA at € 88 (+1.8% y-on-y)
- − Broadband: +13k1 net adds (of which +42k fiber net adds); Fixed ARPU at € 54 (+1.2% y-on-y)
  - − Postpaid: +37k net adds; Mobile ARPU at € 16 (-1.4% y-on-y)
  - − YTD NPS at +14 (Q1 2025: +14)
Business: continued strong service revenue growth, driven by all divisions
- − Broadband lines: +3k net adds
- − Mobile SIMs: +22k net adds
- − YTD NPS at +4 (Q1 2025: +4)
Wholesale: service revenues further improved, mainly driven by continued momentum in our travel SIMs business
- − Broadband lines: -21k net adds
  - − SIMs: +496k net adds
Network: continued to lead the fiber market, covering two-thirds of the Netherlands
- − Together with Glaspoort, fiber coverage at 66% of the Netherlands or ~5.5m homes passed
- − Continued progress in fiber homes connected, reaching ~4.3m homes or 78% of homes passed in fiber footprint

− KPN remains the trusted partner for secure and reliable connectivity in NL, reflected by its key role at the NATO Summit

Financial performance

Adj. revenues increased 5.8% y-on-y, with +2.0% related to the IPR benefit and +0.4% to Althio. Group service revenues increased 3.7% y-on-y, with growth across all segments. Non-service revenues & Other increased 33% y-on-y, with +28% related to the IPR benefit and +5.8% to Althio. H1 2025 adj. revenues increased 4.4%, or +3.3% excl. the IPR benefit, Althio and IPv4 sales
Adj. EBITDA AL increased 6.4% y-on-y, with +1.4% from the IPR benefit and +1.0% from Althio. The adj. EBITDA AL margin increased 30bps to 45.5%. H1 2025 adjusted EBITDA AL increased 5.6% y-on-y, or +4.7% excl. the IPR benefit, Althio, and IPv4 sales
Net profit decreased 7.6% y-on-y, mainly due to one-off hedge accounting charges. H1 2025 net profit decreased 5.8% y-on-y, mainly due to one-offs related to the Althio launch, partly offset by one-off refinancing costs in Q1 2024
Capex of € 298m was € 40m lower y-on-y, driven by intra-year phasing. H1 2025 Capex decreased 7.5% y-on-y
Operational Free Cash Flow of € 372m increased +27% y-on-y, with +3.1% related to the IPR benefit and +1.6% to Althio, driven by higher adj. EBITDA AL and lower Capex. H1 2025 Operational Free Cash Flow increased 20% y-on-y, with +1.5% related to the IPR benefit, +1.0% to Althio, and -1.7% to IPv4 sales
Free Cash Flow of € 180m decreased € 30m, or -14% y-on-y, driven by working capital phasing, and higher cash taxes and interest payments. H1 2025 Free Cash Flow decreased 15% y-on-y
ROCE steadily improved to 14.6% in H1 2025, up 20bps y-on-y, driven by operational efficiencies

Outlook 2025 raised; mid-term ambitions reiterated

KPN raises its full-year 2025 outlook for adjusted EBITDA AL and Free Cash Flow due to the IPR benefits and solid underlying progress. KPN now expects an adjusted EBITDA AL of more than €2,630m (previously >€ 2,600m) and Free Cash Flow of more than €940m (previously ~€ 920m), while maintaining the outlook for Group service revenue growth of around 3% and Capex of around € 1.25bn. KPN reiterates its 2027 ambitions as presented at its Capital Markets Day in 2023.

KPN intends to pay a regular dividend per share of € 18.2 cents over 2025. An interim dividend of € 7.3 cents per share will be paid on 1 August 2025. The ex-dividend date is 25 July 2025.

	Old Outlook FY 2025	New Outlook FY 2025	Ambitions FY 20272
Service Revenues	~3%	~3%	~3% CAGR
Adjusted EBITDA AL	>€ 2,600m	>€ 2,630m	~3% CAGR
Capex	~€ 1.25bn	~€ 1.25bn	<€ 1.0bn
Free Cash Flow	~€ 920m	>€ 940m	~7% CAGR
Regular DPS	€ 18.2ct	€ 18.2ct	~7% CAGR vs. 2024
Share buyback	€ 250m	€ 250m	Up to € 1.0bn 2024-2027 period

¹ Corrected for migrations to, and new customers of, business propositions (4k in Q2 2025, 4k in Q1 2025, 5k in Q4 2024, 4k in Q3 2024 and 5k in Q2 2024)

² CAGR compared to FY 2023, unless stated otherwise

Financial review KPN Group Q2 and H1 2025

Intellectual Property Rights (IPR)

KPN settled two IPR claims with telecom vendors in June and July 2025. About € 45m in royalty revenue will be recorded for FY 2025 (€ 28m in Q2 2025, remainder in Q3 2025) and are included in Non-service revenues & Other. The costs related to this settlement of approximately € 20m were included in Q2 2025 costs of goods sold. The total FY 2025 adjusted EBITDA AL impact is estimated at approximately € 25m (pre-tax), with € 9m in Q2 2025 and the remainder in Q3 2025.

Key financial metrics

Group financials (unaudited) (in € m, unless stated otherwise)	Q2 2024	Q2 2025	Δ y-on-y	H1 2024	H1 2025	Δ y-on-y
Service revenues	1,292	1,339	+3.7%	2,562	2,658	+3.7%
Non-service revenues & other	100	133	+33%	206	231	+12%
Adjusted revenues	1,391	1,472	+5.8%	2,768	2,889	+4.4%
Cost of goods & services	342	381	+11%	690	746	+8.0%
Personnel expenses	215	222	+3.0%	429	436	+1.8%
IT/TI	75	83	+9.7%	153	155	+1.3%
Other operating expenses	92	83	-9.8%	185	180	-2.7%
Total adjusted opex	724	768	+6.1%	1,456	1,517	+4.1%
Depreciation right-of-use asset	33	29	-11%	66	60	-8.7%
Interest lease liabilities	6	5	-15%	11	10	-17%
Total adjusted indirect opex after leases	420	421	+0.1%	843	840	-0.4%
Adjusted EBITDA AL	629	670	+6.4%	1,235	1,303	+5.6%
As % of adjusted revenues	45.2%	45.5%		44.6%	45.1%
Operating profit (EBIT)	357	363	+1.9%	694	657	-5.4%
Net profit	227	210	-7.6%	401	378	-5.8%
ROCE*				14.4%	14.6%
FTE personnel (#)				9,932	9,649

*ROCE is calculated on a four-quarter average rolling basis

Q2 2025

Adjusted revenues increased by 5.8% y-on-y, of which +2.0% was related to the IPR benefit and +0.4% to Althio. Group service revenues increased by 3.7% y-on-y, with growth across all segments. Non-service revenues & Other increased by 33% y-on-y, of which +28% was related to the IPR benefit and +5.3% to Althio. Additionally, non-service revenues included approximately € 15m from assets monetization through the sale of IPv4 addresses, in line with the previous year.

The cost of goods & services increased by 11% y-on-y, or +6.0% when corrected for the IPR costs, driven by higher third-party access costs and service revenue mix effects in B2B. Personnel expenses increased by 3.0% y-on-y, driven by wage increases following the collective labor agreement, partly offset by natural attrition and the efficiencies from KPN's ongoing digital transformation. IT/TI costs increased by 9.7% y-on-y, mainly due to lower recoverable damage claims. Conversely, other operating expenses decreased by 9.8% y-on-y, mainly driven by a partial reversal of damage claims provisions and lower energy costs. The total adjusted indirect Opex after leases was broadly flat (+0.1% y-on-y), reflecting KPN's cost measures focused on counteracting inflationary headwinds.

Adjusted EBITDA AL increased by 6.4% y-on-y, of which +1.4% related to the IPR benefit and +1.0% to Althio. Underlying adjusted EBITDA AL increased by 4.0% y-on-y, driven by higher revenues. The adjusted EBITDA AL margin increased by 30bps to 45.5%. Operating profit (EBIT) increased by 1.9% y-on-y to € 363m, as higher adjusted EBITDA AL was partly offset by higher depreciation and amortization.

Net profit of € 210m decreased by € 17m, or 7.6% y-on-y, mainly due to one-off hedge accounting charges.

H1 2025

Adjusted revenues increased by 4.4% y-on-y, of which +1.0% was related to the IPR benefit, +0.3% to Althio, and -0.2% to IPv4 sales. In the first half, Group service revenues increased by 3.7% y-on-y. Non-service revenues & Other increased by 12%, including +14% related to the IPR benefit, +4.2% to Althio, and -4.3% to IPv4 sales.

The cost of goods & services increased by 8.0% y-on-y, or +5.3% when corrected for the IPR costs, driven by higher third-party access costs and service revenue mix effects in B2B. Personnel expenses increased by 1.8% y-on-y, as natural attrition and the efficiencies from KPN's ongoing digital transformation were offset by wage increases following the collective labor agreement. IT/TI costs increased by 1.3% y-on-y, mainly related to lower recoverable damage claims. Other operating expenses decreased by 2.7% y-on-y, mainly due to a partial reversal of damage claims

Press release

23 July 2025

provision and lower energy costs. The total adjusted indirect Opex after leases decreased by 0.4% y-on-y, as KPN's cost measures more than offset inflationary headwinds.

Adjusted EBITDA AL increased by 5.6% y-on-y, of which +0.7% related to the IPR benefit, +0.7% to Althio, and -0.5% to IPv4 sales. Excluding the IPR benefit, Althio contribution, and IPv4 sales adjusted EBITDA increased by 4.7% y-on-y, mainly driven by higher revenues. Adjusted EBITDA AL margin increased by 50bps to 45.1%. Operating profit (EBIT) of € 657m decreased by 5.4% y-on-y, due to one-off costs in Q1 2025 related to the launch of Althio.

Net profit of € 378m decreased by € 23m, or -5.8% y-on-y, mainly due to one-offs related to the launch of Althio, partly offset by one-off refinancing costs in Q1 2024.

ROCE was 14.6% in H1 2025, an increase of 20bps compared to H1 2024. This increase was mainly driven by operational efficiencies.

Financial position

Group financials (unaudited) (in € m, unless stated otherwise)	Q2 2024	Q2 2025	Δ y-on-y	H1 2024	H1 2025	Δ y-on-y
Operational Free Cash Flow	292	372	+27%	595	712	+20%
As % of adjusted revenues	21.0%	25.3%		21.5%	24.6%
Free Cash Flow	210	180	-14%	364	309	-15%
As % of adjusted revenues	15.1%	12.3%		13.2%	10.7%
Net debt				6,039	6,523
Gross debt				7,146	6,854
Cash & short-term investments				1,107	331
Leverage ratio*			2.4x	2.5x
Interest cover ratio**				10.5x	9.6x
Credit ratings				Rating	Outlook
Standard & Poor's				BBB	Stable
Fitch Ratings				BBB	Stable

* Net debt (excl. leases) / LTM adjusted EBITDA AL

** LTM adjusted EBITDA AL / LTM Net interest paid (excl. lease interest, incl. perpetual hybrid coupon)

Q2 2025

Operational Free Cash Flow of € 372m increased by 27% y-on-y, with +3.1% related to the IPR benefit and +1.6% to Althio, driven by higher adjusted EBITDA AL and lower Capex.

Free Cash Flow of € 180m decreased by € 30m, or -14% y-on-y, due to working capital phasing, and higher cash taxes and interest payments. Free Cash Flow margin was approximately 3 percentage points below the prior year at 12.3%.

At the end of Q2 2025, net debt amounted to € 6,523m, € 484m higher compared to the end of Q2 2024. Compared to Q1 2025, net debt increased by € 445m, mainly due to dividend and share buyback payments, partly offset by free cash flow generation.

KPN continues with a strong balance sheet and liquidity position at the end of Q2 2025. Nominal debt outstanding decreased to € 7,326m including € 60m in short-term commercial paper. KPN's committed liquidity consisted of € 331m in cash & short-term investments and € 1,075m in undrawn revolving credit facilities. Therefore, available liquidity covers debt maturities until the end of 2028. KPN issued an € 800m senior bond with a coupon of 3.375% per annum, in the first quarter. This transaction prefunded both the redemption of the remaining € 219m of an outstanding hybrid bond in February, and the € 625m bond maturity in April. Thisincreased the average maturity of outstanding debt and lowered the average cost of debt.

On 30 June 2025, the net debt to EBITDA ratio was 2.5x (Q1 2025: 2.4x) and KPN's interest cover ratio was 9.6x (Q1 2025: 9.6x). On 30 June 2025, the weighted average cost of senior debt was 3.57%, 34bps lower y-on-y and 11bps lower compared with the previous quarter.

On 25 February 2025, KPN commenced a € 250m share buyback program for 2025, reflecting KPN's commitment to structurally return additional capital to its shareholders. KPN is currently at 93% completion of the 2025 program.

At the end of Q2 2025, Group equity amounted to € 3,440m, € 195m lower compared to end of Q2 2024.

Press release 23 July 2025

Capex

Group financials (unaudited) (in € m, unless stated otherwise)	Q2 2024	Q2 2025	Δ y-on-y	H1 2024	H1 2025	Δ y-on-y
Fiber rollout	129	90	-30%	234	191	-18%
Customer driven	45	50	+10%	88	86	-2.2%
Other	163	158	-3.1%	318	315	-1.1%
Capex	337	298	-12%	640	592	-7.5%
As % of adjusted revenues	24.2%	20.2%		23.1%	20.5%

H1 2025 Capex of € 592m representing 20.5% of adjusted revenues (H1 2024: 23.1%), decreased by € 48m y-on-y, due to intra-year phasing related to timing of projects.

Personnel

# FTE by segment at the end of the period (unaudited)	H1 2024	H1 2025	Δ y-on-y	Δ y-on-y
Consumer	3,297	3,119	-178	-5.4%
Business	2,810	2,810	-	0.0%
Wholesale	205	204	-1	-0.5%
Network, Operations & IT	2,693	2,629	-64	-2.4%
Other	927	886	-41	-4.4%
KPN Group	9,932	9,649	-284	-2.9%

At the end of June 2025, KPN employed 9,649 FTEs, which was 284 FTEs less than previous year, driven by natural attrition and the effects from the ongoing digital transformation of KPN.

Financial and operating review per segment Q2 and H1 2025

Consumer

Segment financials (unaudited)	Q2 2024	Q2 2025	Δ q-on-q	Δ y-on-y	H1 2024	H1 2025	Δ y-on-y
(in € m, unless stated otherwise)
Fixed service revenue	466	472		+1.3%	929	945	+1.8%
Broadband service revenues	453	461		+1.7%	903	923	+2.2%
o/w Fiber broadband service revenues	283	314		+11%	558	622	+12%
o/w Copper broadband service revenues	170	147		-14%	345	301	-13%
Other Fixed service revenues	12	11		-14%	25	22	-15%
Mobile service revenues	224	226		+1.3%	428	451	+5.5%
Adjusted Consumer service revenues	689	698		+1.3%	1,357	1,396	+2.9%
Non-service & Other revenues	60	58		-3.2%	130	125	-4.1%
Adjusted Consumer revenues	750	757		+0.9%	1,487	1,521	+2.3%
Households (k)
Fiber households	1,750	1,909	+42	+160
Copper households	1,069	922	-33	-147
Postpaid-only households	993	1,009	+3	+16
Total Consumer households	3,812	3,841	+12	+29
o/w Fixed-Mobile households	1,659	1,699	+13	+41
ARPA (€)
ARPA Fixed-Mobile households	87	88		+1.8%
ARPA total Consumer households	61	62		+1.3%
NPS Consumer (YTD)	+17	+14

In Consumer, KPN aims to deliver the best internet experience for the entire household by offering relevant and best-value propositions, enabled by high-quality fiber and 5G connectivity. Through its Household 3.0 strategy, KPN enhances customer experience and strengthens loyalty with a cutting-edge service portfolio, including OTT content, security, and gaming. These services are delivered via KPN's NextGen Digital Operating model, which combines a highly reliable network with a digital first, human-assisted omni-channel customer experience powered by AI.

Q2 2025

Adjusted Consumer service revenues increased by 1.3% y-on-y, driven by both Fixed and Mobile.

Fixed service revenues increased by 1.3% y-on-y. Broadband service revenues remained resilient, growing by 1.7% y-on-y, despite the competitive environment. Fiber broadband service revenues continued to grow double-digit (+11% y-on-y). The solid performance in fiber broadband offset the ongoing decline in copper (-14% y-on-y) and legacy services (-14% y-on-y). Operational performance on fiber remained robust, as KPN activated 42k fiber households in the quarter (Q1 2025: +37k). Fixed-Mobile converged households now account for 60% of KPN's fixed households, supported by the recent launch of Combivoordeel. During Q2 2025, KPN successfully launched the TV+ Soundbox as part of its Household 3.0 strategy to enhance customer and in-home entertainment experiences. Broadband net adds were +13k3 in Q2 2025, driven by continued focus on loyalty and base management, which resulted in lower churn. Fixed ARPU increased by 1.2% y-on-y to € 54. As per 1 July, KPN implemented a price adjustment of +3.3% on its broadband portfolio.

Consumer Mobile service revenues increased by 1.3% y-on-y, driven by base growth with sequentially decreasing postpaid churn levels. Postpaid net adds were +37k. Blended Postpaid ARPU declined by 1.4% y-on-y to € 16.

Non-service revenues decreased by 3.2% y-on-y, driven by lower handset sales in the quarter.

YTD Consumer Net Promoter Score (NPS) remained stable at +14 (Q1 2025: +14).

³ Corrected for migrations to, and new customers of, business propositions (4k in Q2 2025, 4k in Q1 2025, 5k in Q4 2024, 4k in Q3 2024 and 5k in Q2 2024)

Press release 23 July 2025

Business

Segment financials (unaudited) (in € m, unless stated otherwise)	Q2 2024	Q2 2025	Δ q-on-q	Δ y-on-y	H1 2024	H1 2025	Δ y-on-y
SME service revenues	181	190		+4.8%	356	377	+5.9%
LCE service revenues	187	190		+1.7%	373	374	+0.5%
Tailored Solutions service revenues	75	88		+18%	148	173	+17%
Adjusted Business service revenues	442	468		+5.7%	877	924	+5.4%
Non-service & Other revenues	18	20		+8.6%	43	43	+1.8%
Adjusted Business revenues	461	488		+5.9%	919	968	+5.3%
KPIs (k)
Broadband lines	389	392	+3	+4
Mobile SIMs	2,246	2,334	+22	+88
NPS Business (YTD)	+4	+4

In Business, KPN is a preferred partner, continuously expanding its digital ecosystem. By leveraging its fixed-mobile converged portfolio for both SME and LCE, KPN has increased its share of wallet, which is driving further growth. Tailored Solutions is positioned as a strategic IT and integration partner, delivering value by adding secure ICT solutions on top of the connectivity portfolio to KPN's largest customers. Secure and reliable connectivity lies at the heart of KPN's strategy. By continuously strengthening its Security offering in both Broadband and Mobile, KPN actively contributes to the resilience of the Netherland's digital infrastructure.

Q2 2025

Adjusted Business service revenues increased by 5.7% y-on-y, with growth across all divisions. KPN saw sustained commercial momentum in both Mobile (+22k net adds) and broadband lines (+3k net adds), in Q2 2025. The current fiber roll out across business parks supports sustainable broadband growth. In today's complex environment, KPN empowers Dutch businesses to become digitally resilient, with Security showing encouraging growth across both SME and LCE segments, underscoring its strategic relevance.

SME service revenues grew 4.8% y-on-y, driven by the strong performance in Cloud & Workspace, Broadband and sustained commercial momentum in Mobile.

LCE service revenues increased by 1.7% y-on-y, driven by the continued solid performance in Access & Connectivity and IT services, partially offset by ongoing price pressure on Mobile. Within Access & Connectivity, IoT, Broadband and our CPaaS 4 offering supported growth by enabling modern and scalable communication solutions. IT services growth was fueled by Cloud & Workspace and Security.

Tailored Solutions service revenues grew 18% y-on-y, driven by higher project related business revenues. Tailored Solutions remains subject to seasonality of projects.

Business YTD NPS is stable at +4 and remains a clear leader in the Dutch market.

Wholesale

Segment financials (unaudited) (in € m, unless stated otherwise)	Q2 2024	Q2 2025	Δ q-on-q	Δ y-on-y	H1 2024	H1 2025	Δ y-on-y
Broadband	78	80		+2.5%	161	161	-0.4%
Mobile	34	44		+30%	75	82	+9.3%
Other	46	46		+1.1%	88	90	+1.6%
Adjusted Wholesale service revenues	158	171		+8.1%	325	333	+2.4%
Non-service & Other revenues	0	1		>100%	2	2	+22%
Adjusted Wholesale revenues	158	172		+8.4%	327	335	+2.5%
# Customers (k)
Broadband lines	1,104	1,059	-21	-45
Total SIMs	5,423	7,352	+496	+1,930

In Wholesale, KPN continues its open access policy, enabling third-party operators to use its network infrastructure. As a trusted connectivity partner, KPN provides broadband and mobile services to both local and international businesses. KPN is also investing in scalable new products to further monetize its infrastructure.

⁴ Communications Platform as a Service

Q2 2025

Adjusted Wholesale service revenues increased by 8.1% y-on-y, mainly driven by ongoing growth in the international sponsored roaming business.

Broadband service revenues increased by 2.5% y-on-y, despite the ongoing competition seen in the wider broadband market. Growth was driven by fiber service revenues and services to Glaspoort (KPN Wholesale delivers PON Ethernet services to Glaspoort). Sequentially, KPN's broadband base declined by 21k, reflecting the continued competitive environment and the ongoing migration of copper lines to Glaspoort fiber.

Mobile service revenues increased by 30% y-on-y. Growth was driven by the continued strong increase in international sponsored roaming volumes and base. Wholesale added 496k SIMs during the quarter, mainly driven by the increase in travel SIMs.

Other service revenues increased by 1.1% y-on-y, mainly driven by an uptake in visitor roaming.

Network, Operations & IT

Segment KPIs (in thousands)	H1 2024	H1 2025	Δ q-on-q	Δ y-on-y
Fiber Homes Passed KPN	4,524	4,815	+62	+292
Fiber Homes Passed Glaspoort JV	525	695	+54	+170
Fiber Homes Passed KPN & Glaspoort	5,049	5,510	+116	+462
Fiber Homes Passed 3rd party	186	234	+3	+48
Fiber Homes Passed total	5,235	5,744	+118	+509
Fiber Homes Connected KPN	3,598	3,878	+58	+280
Fiber Homes Connected Glaspoort JV	322	439	+33	+117
Fiber Homes Connected KPN & Glaspoort	3,920	4,317	+91	+397
Fiber Homes Connected 3rd party	138	160	+4	+23
Fiber Homes Connected total	4,058	4,477	+95	+420

KPN remains committed to building the most secure digital infrastructure in the Netherlands, safeguarding against cyber threats and digital disruptions. In fixed, KPN continues its large-scale fiber roll out, accelerating the connection of homes while decommissioning the copper network in fiber-covered areas. In mobile, KPN aims to maintain its leading position by investing in its mobile core and leveraging the innovative potential of 5G with its first standalone 5G core. KPN's multi-cloud strategy supports seamless integration across fiber, mobile, and edge services. Additionally, KPN's autonomous operations program has started to deliver tangible benefits, including improved preventive maintenance and networks assurance through closed-loop automation, contributing to a reduction in operational costs.

Q2 2025

In Q2 2025, together with Glaspoort, KPN added 116k homes passed to its fiber footprint. With this, KPN and Glaspoort now jointly cover 66%, or two-thirds, of Dutch households. KPN continued to make solid progress in optimizing and streamlining the end-to-end fiber chain, resulting in significant improvements and accelerated delivery of fiber-connected homes. During the quarter, KPN and Glaspoort added 91k fiber connected homes, reaching 78% of total homes passed in their fiber footprint. Moreover, in Q1 2025, the number of activated fiber connections in the Netherlands surpassed that of coaxial cable (coax) connections for the first time, according to data from the Dutch market regulator, ACM. KPN has successfully continued to decommission its copper network in fiber areas. Approximately 3.6m connections have been decommissioned so far.

In Q2 2025, KPN recognized the proceeds from the divestment of IPv4 addresses of approximately € 15m, reflected in revenues from Network, Operations & IT.

In June, KPN Ventures entered a partnership with ElevenLabs, a pioneer in voice AI technology, to bring advanced audio AI applications to the Dutch market. The collaboration has the potential to enhance content accessibility, automation, and customer interaction, paving the way for personalized voice-driven experiences for KPN customers.

The Althio integration remains on track. Both KPN and Althio remain focused on delivering synergies and ensuring a smooth integration process.

Analysis of adjusted results Q2 and H1 2025

There are no revenue incidentals.

The following table shows the reconciliation between reported EBITDA and adjusted EBITDA AL:

(in € m)	Q2 2024	Q2 2025	Δ y-on-y	H1 2024	H1 2025	Δ y-on-y
EBITDA	664	689	+3.8%	1,302	1,346	+3.4%
Incidentals	-	4	n.m.	-	57	n.m.
Restructuring	4	10	>100%	10	14	+47%
Lease-related expenses
Depreciation right-of-use asset	-33	-29	-11%	-66	-104	+58%
Interest lease liabilities	-6	-5	-15%	-11	-10	-17%
Adjusted EBITDA AL	629	670	+6.4%	1,235	1,303	+5.6%

The following table specifies the EBITDA incidentals in more detail:

EBITDA incidentals (in € m)	Category	Q2 2024	Q2 2025	H1 2024	H1 2025
Settlement MSA Althio	Depreciation right-of-use asset	-	-	-	44
Transaction costs related to Althio	Other opex	-	4	-	13
Total EBITDA incidentals		-	4	-	57

All related documents can be found on KPN's website: ir.kpn.com

Press release 23 July 2025

For further information: Formal disclosures: Media Relations Investor Relations Royal KPN N.V.

E-mail: [email protected] ir.kpn.com Head of IR: Matthijs van Leijenhorst E-mail: [email protected] Inside information: Yes Topic: Q2 2025 Results 23/07/2025; 7:30h

Safe harbor

Alternative performance measures and management estimates

This financial report contains a number of alternative performance measures (non-GAAP figures) to provide readers with additional financial information that is regularly reviewed by management, such as EBITDA and Free Cash Flow (FCF'). These non-GAAP figures should not be viewed as a substitute for KPN's GAAP figures and are not uniformly defined by all companies including KPN's peers. Numerical reconciliations are included in KPN's quarterly factsheets and in the Integrated Annual Report 2024. KPN's management considers these non-GAAP figures, combined with GAAP performance measures and in conjunction with each other, most appropriate to measure the performance of the Group and its segments. The non-GAAP figures are used by management for planning, reporting (internal and external) and incentive purposes. KPN's main alternative performance measures are listed below. The figures shown in this financial report are based on continuing operations and were rounded in accordance with standard business principles. As a result, totals indicated may not be equal to the precise sum of the individual figures.

Financial information is based on KPN's interpretation of IFRS as adopted by the European Union as disclosed in the Integrated Annual Report 2024 and does not take into account the impact of future IFRS standards or interpretations. Note that certain definitions used by KPN in this report deviate from the literal definition thereof and should not be considered in isolation or as a substitute for analyses of the results as reported under IFRS as adopted by the European Union. KPN defines revenues as the total of revenues and other income. Adjusted revenues are derived from revenues (including other income) and are adjusted for the impact of incidentals. KPN defines EBITDA as operating result before depreciation (including impairments) of PP&E and amortization (including impairments) of intangible assets. Adjusted EBITDA after leases (adjusted EBITDA AL') are derived from EBITDA and are adjusted for the impact of restructuring costs and incidentals ('adjusted') and for lease costs, including depreciation of right-of-use assets and interest on lease liabilities ('after leases' or 'AL'). KPN defines Gross Debt as the nominal value of interest-bearing financial liabilities representing the net repayment obligations in Euro, excluding derivatives, related collateral, and leases, taking into account 50% of the nominal value of the hybrid capital instruments. In its Leverage Ratio, KPN defines Net Debt as Gross Debt less net cash and short-term investments, divided by 12 month rolling adjusted EBITDA AL excluding major changes in the composition of the Group (acquisitions and disposals). The Lease adjusted leverage ratio is calculated as Net Debt including lease liabilities divided by 12 month rolling adjusted EBITDA excluding major changes in the composition of the Group (acquisitions and disposals). Operational Free Cash Flow is defined as adjusted EBITDA AL minus capital expenditures ('Capex') being expenditures on PP&E and software, excluding M&A. Free Cash Flow ('FCF') is defined as cash flow from continuing operating activities plus proceeds from real estate, minus Capex. Return on capital employed ('ROCE') is calculated by the net operating profit less adjustments for taxes ('NOPLAT') divided by capital employed, on a 4-quarter rolling basis. Net operating profit is the adjusted EBITA (excluding incidentals and amortization of other intangibles and including restructuring costs). KPN defines capital employed as the carrying amount of operating assets and liabilities, which excludes goodwill and other intangibles.

All market share information in this financial report is based on management estimates based on externally available information, unless indicated otherwise. For a full overview of KPN's non-financial information, reference is made to KPN's quarterly factsheets available on ir.kpn.com.

Forward-looking statements

Certain statements contained in this financial report constitute forward-looking statements. These statements may include, without limitation, statements concerning future results of operations, the impact of regulatory initiatives on KPN's operations, KPN's and its joint ventures' share of new and existing markets, general industry and macro-economic trends and KPN's performance relative thereto and statements preceded by, followed by or including the words "believes", "expects", "anticipates", "will", "may", "could", "should", "intends", "estimate", "plan", "goal", "target", "aim" or similar expressions. These forward-looking statements rely on a number of assumptions concerning future events and are subject to uncertainties and other factors, many of which are outside KPN's control that could cause actual results to differ materially from such statements. A number of these factors are described (not exhaustively) in the Integrated Annual Report 2024. All forward-looking statements and ambitions stated in this financial report that refer to a growth or decline, refer to such growth or decline relative to the situation per 31 December 2024, unless stated otherwise.

For the six months ended 30 June 2025

Unaudited consolidated statement of profit or loss	3
Unaudited consolidated statement of other	4
comprehensive income
Unaudited consolidated statement of financial position	5
Unaudited consolidated statement of changes in	7
group equity
Unaudited consolidated statement of cash flows	8
General notes to the condensed consolidated interim	10
financial statements
Notes to the condensed consolidated statement of profit	15
or loss
Notes to the condensed consolidated statement of	17
financial position
Other notes to the consolidated financial statements	22

Unaudited consolidated statement of profit or loss

		For the three months		For the six months
		ended 30 June		ended 30 June
(€ million, unless indicated otherwise)	Notes	2025	2024	2025	2024
Revenues		1,456	1,375	2,873	2,746
Other income		16	16	17	22
Total revenues and other income	[4/5]	1,472	1,391	2,889	2,768
Cost of goods & services		381	342	746	690
Personnel expenses		222	215	436	429
Information technology/Technical infrastructure (IT/TI)		83	75	155	153
Other operating expenses		97	96	207	195
Depreciation, amortization & impairments (DA&I)		326	307	689	608
Total operating expenses	[4/6]	1,108	1,035	2,232	2,074
Operating profit		363	357	657	694
Finance income		5	11	13	23
Finance costs		-66	-71	-135	-142
Other financial results		-24	0	-35	-57
Finance income and expenses	[7/10]	-85	-61	-157	-177
Share of the profit/loss (-) of associates	[9]	-5	-2	-7	-3
Profit/Loss (-) before income tax from continuing operations		274	294	493	515
Income taxes	[8]	-64	-67	-115	-113
Profit/Loss (-) for the period from continuing operations		210	227	378	401
Profit/Loss (-) for the period from discontinued operations		0	-	-	-
Profit/Loss (-) for the period		210	227	378	402
Profit/Loss (-) attributable to non-controlling interest		1	-	-1	-
Profit/Loss (-) attributable to equity holders		208	227	379	401
Earnings per ordinary share aftertaxes attributable to equity holders forthe period (in €)
- Basic (continuing operations)		0.05	0.06	0.09	0.10
- Diluted (continuing operations)		0.05	0.06	0.09	0.10
- Basic (discontinued operations)		-	-	-	-
- Diluted (discontinued operations)		-	-	-	-
- Basic (total, including discontinued operations)		0.05	0.06	0.09	0.10
- Diluted (total, including discontinued operations)		0.05	0.06	0.09	0.10
Weighted average number of ordinary shares
- Non-diluted				3,869,728,235	3,908,069,632
- Diluted				3,872,754,451	3,911,824,903
[] Bracketed numbers refer to the related notes to these Condensed Consolidated Interim Financial Statements.

Unaudited consolidated statement of other comprehensive income

	For the three months ended			For the six months ended
	30 June			30 June
(€ million)	2025	2024	2025	2024
Profit for the period	209	227	377	402
Other comprehensive income, net of tax
Other comprehensive income to be reclassified subsequently to profit or loss when specific conditions are met:
- Net gain/loss (-) on cashflow hedges	5	11	25	44
- Currency translation differences	-1	-	-2	-1
Net other comprehensive income/loss (-) to be reclassified to profit or loss in subsequent periods	4	11	23	43

Items of other comprehensive income not to be reclassified subsequently to profit or loss:
- Retirement benefit remeasurements	-	6	-	4
- Net gain/loss (-) on equity instruments designated at fair value through other comprehensive income	-6	-	-10	-
Net other comprehensive income/loss (-) not to be reclassified to profit or loss in subsequent periods	-6	6	-10	4

Other comprehensive income/loss (-) for the period, net of tax	-2	17	13	47
Total comprehensive income/loss (-) for the period, net of tax	207	244	390	449

Total comprehensive income for the period, net of tax, attributable to:
- Equity holders of the company	206	244	391	449
- Non-controlling interest	1	-	-1	-

Total comprehensive income/loss (-) attributable to equity holders arises from:
- Continuing operations	206	244	391	449
- Discontinued operations	-	-	-	-

Unaudited consolidated statement of financial position

Assets

		30 June	31December
(€ million)	Notes	2025	2024
Non-current assets
Land and buildings		501	371
Plant and equipment		5,750	5,681
Other tangible non-current assets		22	23
Assets under construction		154	144
Total property, plant and equipment		6,427	6,219

Goodwill	[3]	1,702	1,585
Licenses		739	791
Software		424	428
Other intangibles	[3]	292	169
Total intangible assets		3,157	2,974

Right-of-use assets		650	750
Equity investments accounted for using the equity method	[9]	604	561
Equity investments measured at fair value through other comprehensive income		114	119
Derivative financial instruments	[10]	35	100
Other financial asset at fair value through profit or loss	[9/10]	74	115
Deferred income tax assets	[8]	-	-
Trade and other receivables		95	97
Contract assets and contract costs		114	91
Total non-current assets		11,270	11,026
Current assets
Inventories		43	45
Trade and other receivables		608	546
Contract assets and contract costs		112	111
Income tax receivables	[8]	9	17
Derivative financial instruments	[10]	-	-
Other financial asset at fair value through profit or loss	[9/10]	43	40
Other current financial assets	[10]	17	100
Cash and cash equivalents	[11]	314	662
Total current assets		1,146	1,521

Total assets		12,416	12,547
[] Bracketed numbers refer to the related notes to these Condensed Consolidated Interim Financial Statements.

Group equity and liabilities

		30 June	31December
(€ million)	Notes	2025	2024
Equity
Share capital		156	156
Share premium		7,481	7,481
Other reserves		-271	-91
Retained earnings		-4,961	-5,005
Equity attributable to holders of perpetual capital securities		990	990
Equity attributable to equity holders of the company		3,395	3,531
Non-controlling interests		45	3
Total equity	[12]	3,440	3,533

Non-current liabilities
Borrowings	[10]	6,246	5,379
Lease liabilities		573	656
Derivative financial instruments	[10]	157	156
Deferred income tax liabilities	[3/8]	111	10
Provisions for retirement benefit obligations	[13]	12	17
Provisions for other liabilities and charges	[14]	120	105
Contract liabilities	[9]	141	130
Other payables		34	23
Total non-current liabilities		7,394	6,476
Current liabilities
Trade and other payables		1,206	1,278
Contract liabilities	[9]	166	164
Borrowings	[10]	60	899
Lease liabilities		117	163
Derivative financial instruments	[10]	1	5
Income tax payable		7	-
Provision for other liabilities and charges	[14]	26	29
Total current liabilities		1,583	2,538

Total equity and liabilities [] Bracketed numbers refer to the related notes to these Condensed Consolidated Interim Financial Statements.		12,416	12,547

Unaudited consolidated statement of changes in group equity

							Equity attributable to holders	Equity attributable
							of	to equity
		Subscribed ordinary	Share	Share	Other	Retained	perpetual capital	holders of the	Non controlling	Total
(€ million, except number of shares)	Notes	shares	capital	premium	reserves	earnings	securities	company	interests	equity
Balance at 1 January 2024		3,947,417,782	158	7,674	-114	-5,150	990	3,558	3	3,561
Profit for the period		-	-	-	-	402	-	402	-	402
Other comprehensive income		-	-	-	43	4	-	47	-	47
Total comprehensive income		-	-	-	43	406	-	449	-	449
Share based compensation		-	-	-	-	2	-	2	-	2
Sold and transferred treasury shares in connection with vesting of equity-settled share plans		-	-	-	11	-11	-	-	-	-
Paid coupon perpetual hybrid bond			-	-	-	-12	-	-12	-	-12
Dividends paid	[12]	-	-	-	-	-382	-	-382	-	-382
Issuance of perpetual hybrid bond		-	-	-	-	-	496	496	-	496
Repurchase of perpetual hybrid bond		-	-	-	-	-	-278	-278	-	-278
Share repurchase		-	-	-	-200	-	-	-200	-	-200
Total transactions with owners, recognized directly in equity		-	-	-	-189	-403	218	-374	-	-374
Balance at 30 June 2024		3,947,417,782	158	7,674	-260	-5,147	1,208	3,632	3	3,635
Balance at 1 January 2025		3,888,930,422	156	7,481	-91	-5,005	990	3,531	3	3,533
Profit for the period		-	-	-	-	378	-	378	-1	377
Other comprehensive income		-	-	-	23	-10	-	13	-	13
Total comprehensive income		-	-	-	23	368	-	391	-1	390
Share based compensation expense		-	-	-	-	2	-	2	-	2
Sold and transferred treasury shares in connection with vesting of equity-settled share plans		-	-	-	5	-5	-	-	-	-
Dividends paid	[12]	-	-	-	-	-395	-	-395	-28	-423
Sale of a subsidiary without the loss of control	[3]	-	-	-	-	73	-	73	-	73
Acquisition of a subsidiary	[3]	-	-	-	-	-	-	-	72	72
Share repurchase		-	-	-	-208	-	-	-208	-	-208
Other		-	-	-	-	1	-	1	-	1
Total transactions with owners, recognized directly in equity		-	-	-	-203	-324	-	-527	44	-483
Balance at 30 June 2025		3,888,930,422	156	7,481	-271	-4,961	990	3,395	45	3,440

[..] Bracketed numbers refer to the related notes to these Condensed Consolidated Interim Financial Statements.

Unaudited consolidated statement of cash flows

		Forthe six months ended
	30 June	30 June
Notes (€ million)	2025	2024
Profit before income tax from continuing operations	493	515
Adjustments for:
- Net financial expenses [7]	158	177
- Share-based compensation	-1	-2
- Share of the profit/loss (-) of associates and joint ventures	7	3
- Depreciation, amortization and impairments [4/6]	689	608
- Other non-cash income and expenses	-1	-22
- Changes in provisions (excl. deferred taxes) [6/13/14]	-9	-30
Changes in working capital relating to:
- Current assets	-105	-56
- Current liabilities	-77	-7
Income taxes paid [8]	-67	-37
Interest paid	-110	-84
Interest received	7	17
Net cash flow from operating activities from continuing operations	983	1,082
Net cash flow from operating activities from discontinued operations	-	-
Net cash flow from operating activities	983	1,082
Acquisition of and investments in subsidiaries, associates and joint ventures (net of cash acquired) [3/9]	-155	-212
Disposal of subsidiaries and associates (net of cash)	40	26
Tax received / paid (-) on disposal of subsidiaries and associates	-	15
Investments in software	-124	-119
Investments in property, plant & equipment	-468	-521
Acquisition of subsidiaries that do not constitute a business	-	-11
Disposals of property, plant & equipment	25	30
Disposals of intangible assets	16	21
Acquisitions of other financial assets [10/11]	-9	-82
Disposals of other financial assets [10/11]	87	-
Loan to other parties	-	-
Net cash flow from investing activities from continuing operations	-588	-852
Net cash flow from investing activities from discontinued operations	-	-
Net cash flow from investing activities	-588	-852
Dividends paid [11]	-395	-382
Dividends paid to non-controlling interests	-28	-
Share repurchase [11]	-208	-200
Paid coupon perpetual hybrid bonds	-4	-12
Proceeds from perpetual hybrid bonds	-	496
Repurchase of perpetual hybrid bonds [10]	-219	-277
Proceeds from borrowings	988	996
Repayments of borrowings and settlement of derivatives [10]	-775	-515
Repayment lease liabilities	-98	-99
Other	-1	-6
Net cash flow from financing activities from continuing operations	-742	1
Net cash flow from financing activities from discontinued operations	-	-
Net cash flow from financing activities	-742	1

Unaudited consolidated statement of cash flows

Continued from previous page
Total net cash flow from continuing operations	-348	231
Total net cash flow from discontinued operations	-	-
Total net cash flow (changes in cash and cash equivalents)	-348	231
Net cash and cash equivalents at beginning of period	662	609
Exchange rate difference	-	-
Changes in cash and cash equivalents	-348	231
Net cash and cash equivalents at end of period	314	840
Bank overdrafts	-	-
Cash and cash equivalents at end of period [11]	314	840
[] Bracketed numbers refer to the related notes to these Condensed Consolidated Interim Financial Statements.

9 KPN condensed consolidated interim financial statements

Interim financial statements

General notes to the condensed consolidated interim financial statements

[1] General information

Koninklijke KPN N.V. (hereafter: "KPN" or "the company") was incorporated in 1989 and is domiciled in the Netherlands, Koninklijke KPN N.V. is registered at the Chamber of Commerce (file no. 02045200). The address of KPN's registered office is Wilhelminakade 123, 3072 AP, Rotterdam, the Netherlands. KPN's shares are listed on Euronext Amsterdam.

KPN is a leading telecommunications and IT provider in the Netherlands, offering fixed and mobile telephony, fixed and mobile broadband internet and TV to retail and business consumers. KPN is market leader in infrastructure and network related IT solutions to business customers in the Netherlands. KPN also provides wholesale network services to third parties.

[2] Accounting policies

Basis of preparation

The condensed consolidated interim financialstatements of KPN (hereafter: 'interimfinancialstatements')forthe sixmonths ended 30 June 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting and endorsed by the EU. The interim financial statement should be read in conjunction with KPN's integrated annual report 2024 asthis document does not include allthe information and disclosuresrequired in the annual financial statements. The interim financial statements have not been audited nor reviewed by KPN's external auditor.

All amounts are presented in millions unless stated otherwise. Certain figures may not tally exactly due to rounding. In addition, certain percentages may have been calculated using rounded figures.

In preparing the interim financial statements, KPN has applied the concept of materiality to the presentation and level of disclosures. Only essential and mandatory information is disclosed which is relevant to a reader's understanding of these interim financial statements.

Significant accounting estimates, judgments and assumptions

These are evaluated continuously and are based on historic experience and other factors, including expectations of future eventsthought to be reasonable under the circumstances. Actual results may deviate from the estimates applied. Estimates are

revised when material changes to the underlying assumptions occur. For more information on KPN's significant accounting estimates, judgments and assumptions, refer to the notes to the consolidated financial statements of the integrated annual report 2024.

The accounting estimates, judgments and assumptions deemed significant to KPN's financial statements relate to:

determination of deferred tax assets for losses carry forward and provisions for tax contingencies;
determination of value in use of cash-generating units for goodwill impairment testing;
assessments of exposure to credit risk and financial market risk;
assessment required to determine whether or not to recognize a provision for idle cables, which are part of a public electronic communications network;
the assessment ofthe lease terms deemed reasonably certain of KPN'slease contracts and the incremental borrowing rate used to measure the lease liabilities;
the assessment whether revenue for variable considerations is probable or highly probable. This concerns revenue related to disputes and revenue related to VAT regarding unused multipurpose bundles;
several assessments related to KPN's 50% interest in Glaspoort B.V. (classified as a joint venture);
- the assessmentwhether KPNhasjoint control overGlaspoort;
- the assessment whether operational contracts between Glaspoort and KPN are at arms' length;
- the valuation of KPN's interest in the joint venture (initially set at fair value, subsequently accounted for using the equity method and subject to periodic impairment testing); and
- the valuation of the contingent cash consideration (financial asset at fair value through profit or loss); and
the provisional purchase price allocation related to the acquisition of Althio B.V.

Changes in accounting policies

The accounting policies in preparing these interim financial statements are consistent with those disclosed in KPN's integrated annual report 2024, except for the adoption of new standards and amendments effective as of 1 January 2025. KPN applies new standards and amendments issued by the International Accounting Standards Board (IASB), when effective and endorsed by the European Union. KPN has not early adopted any new standard, interpretation or amendment.

The endorsed amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability have become effective as of 1January 2025. These amendments did not have a significant impact.

Future implications of new and amended standards and interpretations

The IASB has issued several new standards and amendments to existing standards with an effective date 1 January 2026 or later.

KPN is reviewing the impact of the following endorsed amendments which are effective as of 1 January 2026:

Amendments to IFRS 7 and IFRS 9: amendments to the Classification and Measurement of Financial Instruments;
Amendments to IFRS 7 and IFRS 9: Contracts Referencing Nature-dependent Electricity; and
Annual improvements to IFRS Accounting Standards-Volume 11.

KPN is reviewing the impact of the following standards and amendments which are effective as of 1January 2026 or later but have not yet been endorsed:

IFRS 19 Subsidiaries without Public Accountability: Disclosures; and
IFRS 18 Presentation and Disclosure in Financial Statements.

[3] Changes in consolidation

Acquisition Althio

On 13 February 2025, KPN and ABP completed the transaction resulting in the creation of a new open tower company, named Althio B.V. ('Althio'). The transaction was approved by the ACM on 6 February 2025. KPN holds 51% of the shares of Althio, while the remaining 49%shares are owned by StichtingDepositaryAPG Infrastructure Pool 2016, an investment entity managed by ABP.

Following the transaction, Althio holds the combined passive mobile infrastructure of KPN as well as those of NOVEC and OTC (portfolio companies previously owned by TenneT and by ABP respectively). This combined portfolio comprises of approximately 3,800 towers and rooftops throughout the Netherlands. This strategic partnership is in line with KPN's 'Connect, Activate & Grow' strategy to optimize the value of its passive infrastructure assets and retain strategic flexibility. Through the creation of Althio, KPN gains higher flexibility over a substantial part of its mobile sites, enabling strategic synergies regarding the deployment, maintenance, and optimization of the network infrastructure. As part of the transaction some existing lease conditions were reset. Althio and KPN entered into a long-term masterservice agreement(MSA),stipulating the terms underwhich KPNwill continue to be a tenant ofAlthio for an initial periodof 20years.Althio also holds abuilt-to-suit commitmentfor the next 10 yearsfrom KPN to provide (additional) coverage from its existing sites or to acquire or built new sites.

The transaction resulted in a cash payment of € 113m in H1 2025 and KPN demerged its passive mobile infrastructure in exchange for a controlling 51% interest in Althio. This demerger has been treated asthe sale of a subsidiary without the loss of control. KPN recognized a book gain of € 73m directly in equity for the disposal of 49%of its passive mobile infrastructure, effectively, ofwhich the fair value is € 100m.

KPN was lessee to a substantial number of sites owned and operated by OTC, NOVEC and their subsidiaries (all acting as lessors). These leases were subject to various framework agreements between KPN and the OTC/NOVEC legal entities. One of the elements of the transaction was a full reset and harmonization of these contracts (as well as a reset of the lease fees). The parties agreed to terminate the existing lease contracts and enter into a new master service agreement (MSA). This part of the transaction was subject to the requirements of IFRS 3.51 & 52 (settlement of pre-existing relationships). The fair value of the termination of the old lease contracts is € 52m which was validated by an external valuator based on the present value of the difference in estimated future cash flows calculated over the portfolio. This amount was recognized as an operating expense and included in 'depreciation, amortization and impairments' in the consolidated statement of profit or loss, together with a gain of € 8m due to the settlement of the liabilities and impairment of the right-of-use asset related to the existing lease contracts.

KPN performed a purchase price allocation of the acquired passive mobile infrastructure of NOVEC and OTC. The total consideration in the purchase price allocation consists of the cash payment of € 113m, the fair value of € 100m of KPNpassive mobile infrastructure effectively disposed less the amount of € 52m allocated to the termination ofthe existing lease contracts, in total € 161m. The preliminary purchase price allocation of the acquired passive mobile infrastructure of NOVEC and OTC is as follows:

€ million	2025
Recognized amounts of identifiable assets acquired and liabilities assumed:
Intangible assets	140
Property, plant and equipment	109
RoU assets	61
Trade and other receivables, prepayments and accrued income	32
Net cash and cash equivalents	15
Non-current liabilities	-162
Deferred tax liability	-43
Trade and other payables and accrued expenses	-61
Total net assets	91
Non-controlling interest at fair value	-45
Total net assets at fair value acquired	46
Total consideration	161
Goodwill	115

The intangible assets consists of the recognition of the external customer base of OTC and NOVEC (€ 140m), so excluding KPN. The purchase price allocation is provisional. The goodwill recognized is based on the partial goodwill method and relatesto future cash flows to be realized from transactions with KPN and additional external customers. This goodwill is not tax deductible.

The transaction costs amount to € 13m and were recognized as operating expenses.

Considering the fact that the transaction was negotiated as a single package and that the total consideration consists of a non-cash and a cash part, it is not practically possible to allocate the latter to the separate elements of the transaction. In the consolidated statement of cash flowstherefore, the full amount of the cash payment, net of cash acquired, is classified as'acquisition of and investments in subsidiaries, associates and joint ventures', as part of cash flows from investing activities.

The acquisition had a net impact of € 9m on KPN's Group revenues (YTD). The net impact on EBITDA AL was € 8m (YTD), excluding the aforementioned lease settlement expense

and transaction costs. If the acquisition had taken place at the beginning of the year, the net impact on KPN's Group revenues would have been approximately € 11m and on EBITDA AL approximately € 10m.

[4] Segment information

KPN's segment information for 2024 includes some minor expense restatements have taken place between various segments (with a maximum of € 2m) for reasons of transparency and clarity.

For the six months ended 30 June 2025

							Total KPN
€ million	Notes	Consumer	Business	Wholesale	NOI	Other1	Group
Statement of Profit or Loss
External revenues2		1,521	973	335	20	24	2.,873
Other income		-	1	-	16	-	17
Inter-division revenues		-	1	-	-	-1	-
Total	[5]	1,521	974	335	36	23	2,889
Operating expenses	[6]	-487	-519	-88	-327	-123	-1.,544
EBITDA		1,034	456	247	-291	-100	1,346
DA&I	[6]	-83	-28	-4	-550	-24	-689
Operating result		951	428	243	-841	-125	657
Share of profit or loss of associates and joint ventures	[9]	-	-	-	-	-7	-7

EBITDA		1,034	456	247	-291	-100	1,346
DA&I right-of-use assets		-8	-3	-1	-74	-18	-104
Interest lease liabilities		-1	-	-	-6	-2	-10
EBITDA after lease		1,025	453	246	-371	-120	1,233

Total assets3		1,612	1,285	422	8,062	1,035	12,416
Total liabilities		513	726	156	5,725	1,857	8,977

1 Including eliminations

2 External revenues mainly consist of rendering of services

3 Total assets of Segment Other includes the carrying value of Glaspoort (€ 579m, see Note 9) and the deferred consideration related to Glaspoort (€ 117m, see Note 10)

For the six months ended 30 June 2024 (restated)

€ million	Notes	Consumer	Business	Wholesale	NOI	Other1	Total KPN Group
Statement of Profit or Loss
External revenues2		1,487	918	327	13	2	2,746
Other income		-	-	-	22	-	22
Inter-division revenues		-	1	-	-	-1	-
Total	[5]	1,487	919	327	34	1	2,768
Operating expenses	[6]	-495	-468	-79	-302	-122	-1,466
EBITDA		992	452	248	-268	-121	1,302
DA&I	[6]	-79	-26	-5	-474	-24	-608
Operating result		912	426	243	-741	-146	694
Share of profit or loss of associates and joint ventures	[9]	-	-	-	-	-3	-3

EBITDA		992	452	248	-268	-121	1,302
DA&I right-of-use assets		-8	-2	-1	-36	-18	-66
Interest lease liabilities		-1	-	-	-8	-2	-11
EBITDA after lease		982	450	247	-312	-142	1,225

1 Including eliminations

2 External revenues mainly consist of rendering of services

Segment information as at 31 December 2024 (restated)

€ million	Consumer	Business	Wholesale	NOI	Other1	Total KPN Group
Total assets2	2,445	1,187	602	7,773	540	12,547
Total liabilities	493	362	111	6,504	1,543	9,014

1 Including eliminations

2 Total assets of Segment Other includes the carrying value of Glaspoort (€ 544m, see Note 9) and the deferred consideration related to Glaspoort (€ 155m, see Note 10)

Notes to the condensed consolidated statement of profit or loss

[5] Revenues and other income

Total revenues and other income in H1 2025 were € 121m higher compared to H1 2024, H1 2025 includes an Intellectual Property Rights (IPR) benefit and Althio.

External revenues increased with € 127m in H1 2025 compared to H1 2024, H1 2025 includes the IPR benefit and Althio. External revenues were not impacted by incidentals in H1 2025 nor H1 2024.

Other income in H1 2025 (€ 17m) includes the net result from the sale of (legacy) assets, mainly IPv4 addresses, in line with previous year.

For further information on disaggregation of revenues, refer to the factsheet accompanying the Q2 2025 quarterly press release (available on KPN's website: ir.kpn.com).

[6] Operating expenses, DA&I

Operating expenses (excluding DA&I) increased by € 78m. Cost of goods and services increased by € 56m mainly due to the IPR costs related to the IPR benefit mentioned in note 5, higher third-party access costs (mainly Glaspoort) and service revenue mix effects in B2B.

Personnel expenses increased with € 8m as natural attrition and the efficiencies from KPN's ongoing digital transformation were offset by wage increases following the collective labor agreement. IT/TI expenses increased by € 2m mainly related to lower recoverable damage claims. Other operating expenses increased € 12m mainly due to transactions costs related to the acquisition of Althio. Restructuring expenses in H1 2025 amounted to € 14m compared to € 10m in H1 2024. Impairments fromcontractswith customers amounted to € 6m(H1 2024: € 9m).

DA&I expenses increased by € 81m compared to H1 2024. DA&I expenses H1 2025 include the MSA settlement Althio (€ 44m). During H1 2025, impairment expenses amounted to € 7m (H1 2024: € 7m).

[7] Financial income and expenses

Net finance costs amounted to € 157m in H1 2025, € 20m lower compared to H1 2024 (€ 177m).

Finance income in H1 2025 decreased by € 10m to € 13m compared to H1 2024 (€ 23m) driven by lower cash balances and lower yields.

Finance costsin H1 2025 decreased by € 7m to € 135m compared to H1 2024 (€ 142m), mainly due to lower interest rates. Interest expenses on lease liabilities amounted to € 10m in H1 2025 (H1 2024: € 11m).

Other financial results (loss) decreased by € 22m to € 35m in H1 2025 (H1 2024: € 57m). This is mainly due to bond tender and swap unwind charges of € -60m in H1 2024 partly offset by currency fluctuations of € 19m year-on-year and € 14m one-off charges related to termination of hedge accounting on a partial swap unwind and maturity of swapped bond in April.

[8] Income taxes

KPN calculates the income tax expense for the period using the tax rate applicable to the expected total annual earnings. The income tax charge for H1 2025 is € 115m compared to € 113m in H1 2024.

The income tax charge for H1 2024 is in line with the normal business operations ofKPN.KPNbenefitsfromInnovationBox tax facilitieswhich are facilities underDutch corporate income tax law, whereby profits attributable to innovation are taxed at an effective tax rate of 9%. KPN expects that the effective tax rate (excluding one-off effects) will be approximately 23% in 2025.

The non-current deferred tax liability increased from € 10m at 31 December 2024 to € 111m at 30 June 2025 mostly due to the new consolidation Althio, the use of tax loss carry forwards and regular deferred movements. The current tax receivable decreased from € 17m at 31 December 2024 to a current tax receivable of € 9m at 30 June 2025 which represents the net receivable for the fiscal unity of € 7m tax payable over 2025 offset by € 16mreceivable relating to previous years nextto a currenttax payable of € 7m at 30 June 2025which representsthe tax payable of other taxable groups.

The effective tax rate forH1 2025 is 23.0%against 21.9%inH1 2024. The effective tax ratewasmainly influenced by the InnovationBox facility and one-off effects. Without one-off effects, the effective tax rate would have also been approximately 23% in H1 2025 (approximately 23% in H1 2024).

	Forthe six months ended
€ million	30 June 2025	30 June 2024
Current income tax expense	66	75
Deferred income tax expense	49	38
Income tax expense recognized in statement of profit or loss	115	113

Notes to the condensed consolidated statement of financial position

[9] Equity investments accounted for using the equity method

KPN holds several equity investments accounted for using the equity method of which Glaspoort is the most significant. Other equity investments are not material, individually nor in aggregate.

Joint Venture 'Glaspoort B.V.'

KPN holds a 50% interest in Glaspoort B.V., classified as a joint venture accounted for using the equity method. During H1 2025 there were no changes in the joint control status. Refer to Note 12 of the integrated annual reporting 2024 for further information. For information on the remaining consideration to be received from KPN's joint venture partner, refer to note [10.1] of these interim financial statements.

In December 2021, KPN, Drepana and Glaspoort signed an agreement on the sale of additional fiber rollout projects by KPN to Glaspoort for a total consideration of € 170m (pre-tax). KPN received an upfront payment of € 60m in 2021 and the remainder is being paid in annual installments based on the progress of the rollout. At 30 June 2025, € 5m has yet to be received in cash upon based on the roll-out progress. At the start of the related project, KPN recognized 50% of the gain on the sale (as other income) and 50% was deferred following the requirements of IAS 28 for downstream transactions. At 31December 2023, all projects had started and so the full transaction value of € 170m has been recognized (50% through other income, 50% over time as part of the result from joint ventures).

In 2023 KPN contributed in kind an additional share premium of € 16m which was passed through to Glasdraad in which Glaspoort has a 50% share. For this transaction KPN recognized in 2023 a gain of € 8m as other income, a gain of € 4m (pretax) as result from joint ventures and a deferred gain of € 4m following the requirements of IAS 28 for downstream transactions.

The deferred gains are deducted from the carrying amount of KPN'sinvestment in Glaspoort (€ 73m at 30 June 2025 and € 76m at 31 December 2024) and are recognized over time as part of the result from KPN's investment in Glaspoort (€ 2m in H1 2025 and € 2m in H1 2024).

During H1 2025, additional share premium contributions were made of € 42m per shareholder (H1 2024: € 20m) based on the original agreements. KPN added the share premium paymentsto the carrying value of KPN's interest in the joint venture.

Summarized unaudited financial information of the joint venture, based on IFRS as applied by KPN, and reconciliation with the carrying amount of the investment in the consolidated financial statements, is set out below.

Summarized statement of financial position of Glaspoort B.V.

€ million	30 June 31December 2025 2024
Tangible fixed assets	732	629
Intangible assets	937	958
Right-of-use assets	1	1
Equity investments	100	98
Other non-current assets	40	29
Current assets	26	31
Net cash and cash equivalents	21	5
Non-current liabilities	-533	-445
Current liabilities	-50	-97
Equity	1,274	1,209
KPN's share in equity	637	605
Goodwill from initial valuation at fair value	15	15
Carrying amount of the investment Equity Method	652	620
Less: Deferred gain on downstream transactions	-73	-76
Carrying amount of the investment	579	544

Summarized statement of profit or loss of Glaspoort B.V.

€ million	H1 2025	H1 2024
Revenue	36	23
Operating expenses	-15	-10
Depreciation, amortization & impairment expenses	-33	-23
Net finance result	-13	-4
Result from joint ventures	-	-
Profit/ loss (-) before tax	-25	-14
Income tax expense	7	4
Profit/ loss (-) for the period	-18	-10
Total comprehensive income for the period	-18	-10
KPN's share of profit/ loss (-) for the period	-9	-5
Release deferred gain on downstream transactions (net of tax)	2	2
KPN's total reported result from JV GP	-7	-3

Both shareholders have committed to additional share premium contributions. On 30 June 2025, the remaining maximum commitment of each shareholder is € 213m (31 December 2024: € 255m), payable to Glaspoort based on funding requirements following its annual budget. Neither shareholder has additional

funding obligations regarding Glaspoort. Glaspoort has entered into funding agreements with financial institutions to cover its financial commitments, which include its fiber roll-out activities. These funding agreements have been entered into on a nonrecourse basis without any guarantees from the shareholders.

[10] Financial assets and liabilities

Summary of the financial assets and liabilities at carrying amount and fair value, classified per category

		30 June 2025		31 December 2024
€ million	Notes	Carrying amount	Fair value	Carrying amount	Fair value
Financial assets at FVPL
Other financial asset at fair value through profit or loss	[10.1]	117	117	155	155
Other current financial assets	[10.1]	17	17	100	100
Derivatives		35	35	101	101
Cash and cash equivalents	[11]	314	314	662	662
Financial assets at amortized cost
Trade and other receivables1		492	492	464	464
Financial assets at FVOCI
Financial receivables handsets		66	66	82	82
Equity investments		114	114	119	119
Total financial assets		1,155	1,155	1,683	1,683
Financial liabilities FVPL
Borrowings2	[10.2]	1,183	1,167	1,796	1,779
Derivatives		158	158	161	161
Financial liabilities at amortized cost
Borrowings2	[10.2]	5,123	5,140	4,483	4,523
Trade and other payables3		1,046	1,046	1,076	1,076
Total financial liabilities4		7,511	7,511	7,515	7,539

1 Excluding prepayments and the financial receivables handsets measured at FVOCI.

2 Borrowings are measured at amortized cost except when the borrowings are included in a fair value hedge (see Note 10.2). The fair value estimation of borrowings uses valuation techniques based on maximum use of observable market data for all significant inputs (Level 2). The fair value of borrowings included in a fair value hedge is based on market prices (Level 1).

3 Excluding social security and other taxes payable.

4 Excluding lease liabilities.

Fair value measurement hierarchy at 30 June 2025

€ million	Level 1	Level 2	Level 3	Total
Financial assets at FVPL
Other financial asset at fair value through profit or loss	-	-	117	117
Other current financial assets	17	-	-	17
Derivatives (cross-currency interest rate swap)	-	33	-	33
Derivatives (interest rate swap) and other	-	2	-	2
Cash and cash equivalents	314	-	-	314
Financial assets at FVOCI
Financial receivables handsets	-	66	-	66
Equity investments:
-Unlisted securities	-	-	114	114
Total assets	331	101	231	663
Financial liabilities at FVPL
Borrowings	1,167	-	-	1,167
Derivatives (cross-currency interest rate swap)	-	33	-	33
Derivatives (interest rate swap)	-	125	-	125
Total liabilities	1,167	158	-	1,325

Fair value measurement hierarchy at 31 December 2024

€ million	Level 1	Level 2	Level 3	Total
Financial assets at FVPL
Other financial asset at fair value through profit or loss	-	-	155	155
Other current financial assets	100	-	-	100
Derivatives (cross-currency interest rate swap)	-	96	-	96
Derivatives (interest rate swap) and other	-	5	-	5
Cash and cash equivalents	662	-	-	662
Financial assets at FVOCI
Financial receivables handsets	-	82	-	82
Equity investments:
-Unlisted securities	-	-	119	119
Total assets	762	183	274	1,219
Financial liabilities at FVPL
Borrowings	1,779	-	-	1,779
Derivatives (cross-currency interest rate swap)	-	20	-	20
Derivatives (interest rate swap)	-	142	-	142
Total liabilities	1,779	161	-	1,941

Fair value estimation

Level 1: Fair value of instruments traded in active markets and based on quoted market prices.

Level 2: Instrument is not traded in an active market and fair value is determined by using valuation techniques based on maximum use of observable market data for all significant inputs.

Level 3: One or more of the significant inputs are not based on

observable market data; the fair value is estimated using models and other valuation methods.

KPN reports its derivative positions on the balance sheet on a gross basis. Part of the derivatives portfolio is subject to master netting agreements that allow netting under certain circumstances. If netting would be applied at 30 June 2025, the total derivatives asset position would be € 23m (31 December

2024: € 81m) and the total derivatives liability position would be € 146m (31 December 2024: € 142m).

[10.1] Financial assets Other financial asset at fair value through profit or loss

Part of the consideration received for the sale of the 50% interest inGlaspoort B.V.toDrepana InvestmentsHoldingB.V. in June 2021 (see note [9]) is a contingent cash receivable of € 234m. The contingent cash receivable, to be received in annual installments based on the roll-out progress of Glaspoort, is classified as a financial asset measured at fair value through profit or loss.

At 30 June 2025, the nominal amount outstanding is € 125m with a carrying amount of € 117m, of which € 43m current. As at 31 December 2024, the nominal amount outstanding was € 166m with a carrying value of € 155m, of which € 40m current.

In H1 2025, the book value increased by €3m due to accrued interest (H1 2024: € 4m) and decreased by € 41m due to received payment. The fair value adjustment was nil (H1 2024: € 2m loss, recognized in other financial results).

Based on Glaspoort's current roll-out plan, KPN expects the final payment in 2028. The fair value of this contingent receivable is deemed equal to the net present value of the full amount of the installments to be received using the expected roll-out schedule asincluded in Glaspoort'sinitial business plan. A weight ed average discountrate of 4.80%(H1 2024: 5.24%) has been used based on the following elements:

A base-rate using mid-swap ratesto account for the time value of money, plus
A creditspread mark-up to account for the risk of non-payment based on AA rated credit curves resulting in a spread of ~0.3% over the remaining tenor, plus
A mark-up to reflect the roll-out risk (mostly the risk of delay).

Other current financial assets

To manage group liquidity, KPN invests in short-duration fixed income funds and unrated money market funds from time to time, which are measured at fair value through profit or loss. These funds have low volatility with an investment objective of preservation of principal and are classified as short-term investments in KPN's Net Debt definition. At 30 June 2025, KPN had funds classified as other current financial assets of € 17m (31 December 2024: € 100m).

[10.2] Financial liabilities: borrowings, bond issues and redemptions

On 8 February 2025, KPN redeemed the remaining outstanding principal amount (€ 219m) of the € 500m 2% perpetual hybrid bond at its first call date. This bond had been refinanced and partially repurchased in June 2024.

On 17 February 2025, KPN issued a € 800m 3.375% senior bond maturing on 17 February 2035.

On 9 April 2025, KPN redeemed the € 625m 0.625% senior bond at itsscheduled maturity date. This bond had been swapped to a fixed interest of 3.524%.

On 23 April 2025, KPN unwound € 200m notional of both receiver and payer interest rate swaps which were in a hedge relationship with the € 625m 1.125% senior bond due 11 Sep 2028, by early settlement of the MtM of these swaps with counterparties. This resulted in € 14m one-off settlement due to (partial) swap unwinds and will reduce interest cost for the remaining life of the bond, reducing the effective coupon on the bond to 2.640% from 3.354%.

KPNhas a Euro Commercial Paper Program underwhich KPNcan issue short-termdebtinstrumentsfor upto€1bn.At 30June 2025, the outstanding balance of commercial paper amounted to € 60m (31 December 2024: € 60m) issued at an average interest rate of 2.10% (31 December 2024: 3.06%).

At 30June 2025,the averagematurity ofKPN's outstanding senior bond portfolio was 7.0 years (31 December 2024: 6.3 years). The weighted average cost of senior debt was 3.57% at 30 June 2025 (31 December 2024: 3.78%). Including the outstanding perpetual hybrid bonds, the weighted average cost of debt was 3.83% at 30 June 2025 (31 December 2024: 3.96%).

[11] Cash and cash equivalents

At 30 June 2025, cash and cash equivalents amounted to € 314m, compared to € 662m at 31 December 2024. The decrease was mainly caused by € 395m dividends paid, € 208m share buybacks, € 135m M&A related net payments (incl. Althio), € 592m CAPEX and € 98m repayment of lease liability, partially offset by € 983m net cash flow from operating activities and a € 83m decrease in short-term investments.

Cash and cash equivalents consist of highly liquid instruments, including deposits, interest-bearing bank accounts and prime money market funds. KPN's cash balances are outstanding with a range of strong counterparties.

At 30 June 2025, part of KPN's cash balances were invested in instruments that cannot be classified as cash and cash equivalents. These are classified as other current financial assets, refer to note [10.1] for further information. During H1 2025 KPN decreased itsinvestmentsin such instruments by € 83m to € 17m.

[12] Group equity

At 30 June 2025, a total of 3,888,930,422 ordinary shares were outstanding.On 28April 2025,KPNpaid a final dividend in respect of 2024 of € 10.2 cents pershare, in total € 395m. The total regular dividend in respect of 2024 was € 17.0 cents per share, in total € 659m.

KPN announced a € 250m share buyback program on 30 January 2025. The program started on 25 February 2025 and will be completed on 25 July 2025 at the latest. At 30 June 2025, a total of 52,098,738 ordinary shares were repurchased at an average price of € 3.99 per share.

[13] Provisions for retirement benefit obligation

The remaining net pension provision at 30 June 2025 of € 12m (31 December 2024: € 17m)includesthe (closed) pension plans of Getronics UK and US and an early retirement plan implemented in 2022 for a limited group of employees, which are accounted for as defined benefit plans. An amount of € 1m is a net defined benefit asset and included in other non-current financial assets (31December 2024: nil). The actuarialresult in the firstsix months of 2025 was a net amount of nil.

[14] Provisions for other liabilities and charges

Statement of changes in provisions

€ million	Personnel	Contractual	Total restructuring	Asset retirement obligation	Other provisions	Total provisions
Balance at 1 January 2024	22	2	24	75	36	135
of which: current portion	22	1	23	4	5	32
Additions/ releases (-)	9	-	9	1	1	11
Usage	-21	-	-21	-1	-2	-24
Balance at 30 June 2024	10	2	12	74	35	121
of which: current portion	10	1	11	4	5	20

Balance at 1 January 2025	17	1	19	77	38	134
of which: current portion	17	1	17	4	7	29
New consolidation	-	-	-	15	-	15
Additions/ releases (-)	14	-	14	2	1	17
Usage	-16	-	-16	-1	-4	-21
Balance at 30 June 2025	16	1	17	94	35	146
of which: current portion	16	-	17	4	6	26

Other provisions

Other provisions include provisions for claims and litigations, onerous contracts and warranties and provisions for long-term employee obligations related to jubilee or other long-service employee benefits, long-term disability benefits and, if they are not fully payable within 12 months after the end of the period, bonuses and deferred compensation.

Other notes to the consolidated financial statements

[15] Commitments, contingencies and legal proceedings

Commitments

€ million	Less than 1 year	1-5 years	More than 5 years	Total 30 June 2025	Total 31 December 2024
Capital and purchase commitments	1,014	611	61	1,686	1,672
Guarantees and other	-	4	127	131	139
Total commitments	1,014	615	189	1,818	1,811

The capital and purchase commitments mainly relate to minimum contractual obligations with regard to network operations, mobile handsets and telecommunication services, and lease contracts that have not yet commenced.

Guarantees consist of financial obligations of group companies under certain contracts guaranteed by KPN. A total amount of € 124m relates to parent guarantees and other (31 December 2024: € 134m). The table presented above does not include KPN's commitment on share premium contributions regarding Glaspoort of € 213m (31 December 2024: € 255m).

Contingent assets and liabilities

KPN is involved in a number of legal and tax proceedings that have arisen in the ordinary course of its business and in discontinued operations, including commercial, regulatory or other proceedings. KPN periodically carefully assesses the likelihood that legal and tax proceedings may lead to a cash in- or outflow. KPNrecognizes provisionsin case of a cash outflowif and when the chance is estimated as probable and a reliable estimate of the cash outflow can be made. KPN recognizes the assets in case of a cash inflow if and when the chance is estimated as virtually certain. When these criteria are not met,such matters are classified as contingent assets or liabilities, unlessthe cash inflow is considered possible or the cash outflow is considered remote.

However, the outcome of such proceedings can be difficult to predict with certainty and KPN can offer no assurances in this regard. In some cases, the impact of a legal proceeding may be more strategic than financial and such impact cannot properly be quantified.

The contingentliability related to idle cables could have amaterial impactforKPN.We refertoNote 18 ofthe integrated annualreport 2024 and the accounting policy for provisions in the integrated annual report 2024.

[16] Related-party transactions

For a description of the related parties of KPN and transactions with related parties, includingmajorshareholders,refertoNote 23 of the integrated annual report 2024.

In the first six months of 2025, there have been no changes in the type of other related party transactions as described in the lntegratedAnnualReport 2024,which could have amaterial effect on the financial position or performance of KPN.

KPN's 50% interest in Glaspoort is classified as a joint venture and accounted for as using the equity method. KPN isthe anchor tenant on the network of Glaspoort and also supplies services to Glaspoort. In the first six months of 2025, there have been no material transactions with Glaspoort, other than in the normal course of business.

Pursuant to the Dutch Financial Supervision Act ('Wet op het financieel toezicht' or 'Wft'), legal entities as well as natural persons must immediately notify the Dutch Authority of Financial Markets(AFM) when a shareholding equals or exceeds 3% of the issued capital.

Other shareholdings equaling or exceeding 3% of the issued capital:

On 20 June 2025, State Street Corporation notified theAFMthat it held 3.16% of the shares and 2.25% of the voting rightsrelated to KPN's ordinary share capital.
On 24 April 2025, The Income Fund of America notified the AFM that it held 3.66% of the shares and voting rights to KPN's ordinary share capital.
On 9 February 2024, BlackRock, Inc. notified theAFMthatit held 6.44% of the shares and 7.70% of the voting rights related to KPN's ordinary share capital.

• On 2 August 2022, Capital Research and Management Company notified the AFM that it held 9.70% of the voting rights related to KPN's ordinary share capital.

Based on publicly available information, no other shareholder owned 3% or more of KPN's issued share capital as at 30 June 2025.

[17] Risk management

KPN's risk categories and risk factors that could have material impact on its financial position and results are described in KPN's integrated annual report 2024 (pages 35-41, Note 13.4 and Appendix 3). Those risk categories and factors are deemed incorporated and repeated in this report by this reference and KPN believes that these risks similarly apply for H2 2025.

KPN will publish in its reporting over 2025 in February 2026 a detailed update of KPN's principal risks.

With respect to regulatory risk, refer to note [18], with respect to related parties, refer to note [16].

[18] Regulatory developments

KPN is subject to sector-specific regulation and enforcement thereof by regulatory authorities, such as the Netherlands Authority for Consumers and Markets (ACM) and the Dutch Authority for Digital Infrastructure of the Ministry of Economic Affairs (RDI). KPN's internal risk management and control systems are designed to minimize the risk of non-compliance with regulation.

European developments

Regulation of electronic communicationsmarketsislargely based on European legislation. The EU's regulations on roaming and open internet access are directly applicable in all member states.

The regulation of operators with significant market power is enforced nationally but coordinated by the European Commission. Licensing regimes for frequencies are based on national law.

EU institutions recently adopted various legislative instruments, such as the Gigabit Infrastructure Act, NIS2 and the Cyber Resilience Act. Regulations related to broader digital markets, such as Digital Markets Act and Digital Services Act, are already in effect. In addition to this sector-specific regulation, the importance of general regulations such as privacy law, contentrelated law, and consumer protection law keeps increasing for our business.

The European Commission plansto propose theDigitalNetworks Act (DNA) in the fourth quarter of 2025. The DNA aims at establishing a robust and secure digital infrastructure. It seeks to create a regulatory framework that supports emerging technologies such as AI, quantum computing, and advanced IoT applications. The act will replace the current European Electronic Communications Code. It should harmonize existing rules, enhance competitiveness and foster a more integrated single market. Additionally, the DNA must address the transition from legacy networks to fiber optic networks and the development of 5G/6G technologies in Europe.

Security concerns based on geopolitical developments

Stakeholders at both a European and a national level are paying greater attention to security concerns in relation to control over telecom operators via investment and to potential security risks in networks. At a national level, the government has adopted a sector-specific act that creates new powers for the government to prevent undesirable control (in relation to security risks to public order or national security) of telecom operators that play a significant role in the market. Also, there are regulations to mandate operatorsto refrain from using equipment from vendors from certain countries in specifically designated critical parts of their networks. Additionally, specific security requirements for all mobile networks have been published and have been implemented. Moreover, European security legislation, like NIS2 and CER, has come into force, although they still have to be implemented in the Netherlands. Other European security legislation, like the Cyber Resilience Act, have direct effect in all EU countries. Finally, the European Commission is working on a revision of the Cyber Security Act and on a European Cloud and AI Development Act.

Spectrum licenses

Over the past few years, new spectrum bands have been auctioned in the Netherlands in 2020 (700 MHz and 1400 MHz bands) and in 2024 (3.5 GHz band). Also, the 2100 MHz band has been re-auctioned in 2020. KPN has rolled out all these new bandsin its nationalmobile network and complieswith the license obligations on coverage and minimum speed.

The next large assignment of frequenciesis expected in 2028/29, when current spectrum licenses expire for the 800 MHz, 900 MHz, 1800 MHz and 2600 MHz bands. On top of these existing mobile bands, additional new mobile spectrum may be made available in the Netherlands in the 26 GHz band and the upper 6 GHz band.Thislast band isstilltopic oftechnical and coordination studies in Europe (CEPT and RSPG). The Ministry is expected to draft its assignment policy on both these bands over the next few years.

Finally, mobile spectrum has been made available for local licensesfor private 5G networks at the edges of the 3.5 GHz band

(2 x 50 MHz). The Ministry will further develop its assignment policy for local licenses in spectrum above the 3.5 GHz band (3.8-4.2 GHz) over the coming years.

Market analysis decisions in the Netherlands

Ex-ante regulations have been lifted on almost all telecom markets (except for interconnection services). KPN's voluntary commitments regarding access to its fiber networks have been declared binding by ACM on and as of 26 August 2022. In its Market Decision regarding the market for fixed local access of 12 December 2023 ACM concluded that there are five distinct geographical markets. All these markets are competitive and ex ante access regulation is not necessary. ACM will monitor developments closely.

Last January, ACM conducted the first of a henceforth yearly fixed and mobile consumer market assessment. Following this assessment ACM has started analysis of the market for fixed broadband at speeds equal and lower than 100Mb/s. ACM will also look into how telco's comply with the obligation to inform consumers, yearly and before contract's end, about most favourable tariff plans.

[19] Subsequent events

KPN has evaluated events up to publication date of these Interim Financial Statements and determined that no subsequent event activity required disclosure other than the events described below.

Patent license agreement

In July 2025, KPN reached a patent license agreement with a telecom vendor for prior and coming years of total \$ 29m (approximately € 24m)

Responsibility statement

The Board of Management of the company hereby declares that, to the best of its knowledge, the Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2025, give a true and fair view of the assets, liabilities, financial position and income of KPN and the undertakings included in the consolidation taken as a whole, and the interim Management Report(Q2 2025 pressrelease) gives a fair viewof the information required pursuant to section 5:25d, subsection 8 and, as far as applicable, subsection 9 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

Rotterdam, 23 July 2025

Joost Farwerck Chairman of the Board of Management and Chief Executive Officer Chris Figee Member of the Board of Management and Chief Financial Officer Marieke Snoep Member of the Board of Management and Chief Consumer Market Chantal Vergouw Member of the Board of Management and Chief Business Market Wouter Stammeijer Member of the Board of Management and Chief Operating Officer Hilde Garssen Member of the Board of Management and Chief People Officer

25 KPN condensed consolidated interim financial statements

Safe harbor

Alternative performance measures and management estimates

This financial report contains a number of alternative performance measures (non-GAAP figures) to provide readers with additional financial information that is regularly reviewed by management,such as EBITDA and Free Cash Flow ('FCF'). These non-GAAP figuresshould not be viewed as a substitute for KPN's GAAP figures and are not uniformly defined by all companies including KPN's peers. Numerical reconciliations are included in KPN's quarterly factsheets and in the integrated annual report 2024. KPN's management considers these non-GAAP figures, combined with GAAP performance measures and in conjunction with each other, most appropriate to measure the performance of the Group and its segments. The non-GAAP figures are used by management for planning, reporting (internal and external) and incentive purposes. KPN's main alternative performance measures are listed below. The figures shown in this financial report are based on continuing operations and were rounded in accordance with standard business principles. As a result, totals indicated may not be equal to the precise sum of the individual figures.

Financial information is based on KPN's interpretation of IFRS as adopted by the European Union as disclosed in the integrated annual report 2024 and do not take into account the impact of future IFRS standards or interpretations. Note that certain definitions used by KPN in this report deviate from the literal definition thereof and should not be considered in isolation or as a substitute for analyses of the results as reported under IFRS as adopted by the European Union. KPN defines revenues as the total of revenues and other income. Adjusted revenues are derived from revenues (including other income) and are adjusted for the impact of incidentals. KPN defines EBITDA as operating result before depreciation (including impairments) of PP&E and amortization (including impairments) of intangible assets. Adjusted EBITDA after leases ('adjusted EBITDA AL') are derived from EBITDA and are adjusted for the impact of restructuring costs and incidentals('adjusted') and forlease costs, including depreciation ofright-of-use assets and interest on lease liabilities ('after leases' or 'AL'). KPN defines Gross Debt as the nominal value of interest-bearing financial liabilitiesrepresenting the net repayment obligations in Euro, excluding derivatives, related collateral, and leases, taking into account 50% of the nominal value of the hybrid capital instruments. In its Leverage Ratio, KPN defines Net Debt as Gross Debt less net cash and short-term investments, divided by 12 month rolling adjusted EBITDA AL excluding major changes in the composition of the Group (acquisitions and disposals). The Lease adjusted leverage ratio is calculated as Net Debt including lease liabilities divided by 12 month rolling adjusted EBITDA excluding major changes

in the composition of the Group (acquisitions and disposals). Operational free cash flow is defined as adjusted EBITDA AL minus capital expenditures('Capex') being expenditures onPP&E and software, excluding M&A. Free Cash Flow ('FCF')is defined as cash flow from continuing operating activities plus proceedsfrom real estate, minus Capex. Return on capital employed ('ROCE') is calculated by the net operating profit less adjustments for taxes ('NOPLAT') divided by capital employed, on a 4-quarter rolling basis.Net operating profitisthe adjusted EBITA(excluding incidentals and amortization of other intangibles, and excluding restructuring costs).KPNdefines capital employed asthe carrying amountofoperatingassets andliabilities,which excludesgoodwill and other intangibles.

All market share information in this financial report is based on management estimatesbased on externally available information, unless indicated otherwise. For a full overview on KPN's nonfinancial information, reference is made to KPN's quarterly factsheets available on ir.kpn.com.

Forward-looking statements

Certain statements contained in this financial report constitute forward-looking statements. These statements may include, without limitation, statements concerning future results of operations, the impact of regulatory initiatives on KPN's operations, KPN's and its joint ventures' share of new and existing markets, general industry and macro-economic trends andKPN's performance relative thereto and statements preceded by, followed by or including the words "believes", "expects", "anticipates", "will", "may", "could", "should", "intends", "estimate", "plan", "goal", "target", "aim" orsimilar expressions. These forwardlooking statements rely on a number of assumptions concerning future events and are subject to uncertainties and other factors, many of which are outside KPN's control that could cause actual results to differ materially from such statements. A number of these factors are described (not exhaustively) in the integrated annualreport 2024.Allforward-looking statements and ambitions stated in this financialreportthatreferto a growth or decline,refer to such growth or decline relative to the situation per 31December 2024 unless stated otherwise.

AI Terminal

Royal KPN N.V.

3858_ir_2025-07-23_40d02c08-6f40-4bfc-8ced-6d2f77a182f9.pdf

KPN delivers a strong quarter; full-year 2025 outlook raised

Message from the CEO, Joost Farwerck

Key figures

Press release 23 July 2025

Operational performance

Financial performance

Outlook 2025 raised; mid-term ambitions reiterated

Financial review KPN Group Q2 and H1 2025

Intellectual Property Rights (IPR)

Key financial metrics

Q2 2025

H1 2025

Press release

23 July 2025

Financial position

Q2 2025

Press release 23 July 2025

Capex

Personnel

Financial and operating review per segment Q2 and H1 2025

Consumer

Q2 2025

Press release 23 July 2025

Business

Q2 2025

Wholesale

Q2 2025

Network, Operations & IT

Q2 2025

Analysis of adjusted results Q2 and H1 2025

All related documents can be found on KPN's website: ir.kpn.com

Press release 23 July 2025

Safe harbor

Alternative performance measures and management estimates

Forward-looking statements

Unaudited consolidated statement of profit or loss

Unaudited consolidated statement of other comprehensive income

Unaudited consolidated statement of financial position

Assets

Group equity and liabilities

Unaudited consolidated statement of changes in group equity

Unaudited consolidated statement of cash flows

Unaudited consolidated statement of cash flows

General notes to the condensed consolidated interim financial statements

[1] General information

[2] Accounting policies

Basis of preparation

Significant accounting estimates, judgments and assumptions

Changes in accounting policies

Future implications of new and amended standards and interpretations

[3] Changes in consolidation

Acquisition Althio

[4] Segment information

For the six months ended 30 June 2025

For the six months ended 30 June 2024 (restated)

Segment information as at 31 December 2024 (restated)

Notes to the condensed consolidated statement of profit or loss

[5] Revenues and other income

[6] Operating expenses, DA&I

[7] Financial income and expenses

[8] Income taxes

Notes to the condensed consolidated statement of financial position

[9] Equity investments accounted for using the equity method

Joint Venture 'Glaspoort B.V.'

Summarized statement of financial position of Glaspoort B.V.

Summarized statement of profit or loss of Glaspoort B.V.

[10] Financial assets and liabilities

Summary of the financial assets and liabilities at carrying amount and fair value, classified per category

Fair value measurement hierarchy at 30 June 2025

Fair value measurement hierarchy at 31 December 2024

Fair value estimation

[10.1] Financial assets Other financial asset at fair value through profit or loss

Other current financial assets

[10.2] Financial liabilities: borrowings, bond issues and redemptions

[11] Cash and cash equivalents

[12] Group equity

[13] Provisions for retirement benefit obligation